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"It is highly regrettable that Cat has had to come to this decision," he said in a statement.

"The government has had ongoing discussions with Cat about how to secure the future of the Burnie site, but this is a decision which has been made by the company's overseas management, based on global factors."

Support and advice will be offered to those affected, Mr Rockliff added.

State Labor leader Bryan Green said everything possible must be done to ensure the jobs are not lost.

"The jobs at Caterpillar have been under pressure for some time but the company had committed to continue manufacturing in Burnie," he said.

"This is a dramatic change of direction which will see these manufacturing jobs go."

After the jobs are cut, about 120 workers will remain at the Burnie plant.